Apple announces $350 billion investment in U.S. economy
The company said it will make about $38 billion in tax payments for repatriating cash kept overseas as prescribed by the recent bill overhauling the U.S. tax code that was signed into law last month by President Donald Trump.
In the announcement, Apple noted that it was the largest U.S. taxpayer and that the one-time tax payment is likely the largest of its kind in U.S. history.
As part of its five-year investment plan, Apple said it will build another headquarters and hire some 20,000 people. The company said the estimated $350 billion boost to the American economy does not even account for ongoing tax payments, income tax from employees or the sale of its products.
“Apple is a success story that could only have happened in America, and we are proud to build on our long history of support for the U.S. economy,” Apple CEO Tim Cook said in a statement.
“We believe deeply in the power of American ingenuity, and we are focusing our investments in areas where we can have a direct impact on job creation and job preparedness. We have a deep sense of responsibility to give back to our country and the people who help make our success possible.”
The company said it will not only build another campus similar to its headquarters in Cupertino, California, but that it will start manufacturing some of its products in the U.S. in various states.
Apple currently keeps some of its estimated $256 billion cash hoard abroad, but it did not say how much is stored overseas or how much it was repatriating to the U.S. ■